GST – GST Law and Procedure – 032 – Chapter Thirty Two Returns in GST The basic features of the return mechanism in GST includes electronic filing of returns, uploading of invoice level information, auto-population of information relating to input tax credit from returns of supplier to that of recipient, invoice level information matching and auto-reversal of input tax credit in case of mismatch. The returns mechanism is designed to assist the taxpayer to file returns and avail ITC. Under GST, a regular taxpayer needs to furnish monthly returns and one annual return. There are separate returns for a taxpayer registered under the composition scheme, non-resident taxpayer, taxpayer registered as an Input Service Distributor, a person liable to deduct or collect the tax (TDS/TCS), a person granted Unique Identification Number. It is important to note that a taxpayer is NOT required to file all the types of returns. In fact, taxpayers are required to file returns depending on the activiti
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rious types of returns under GST Law. Return Description Who Files? Standard Date for filing GSTR-1* Statement of Outward supplies of Goods or Services Normal Registered Person 10th of the next month GSTR-2* Statement of Inward supplies of Goods or services Normal Registered person 15th of the next month GSTR-3* Return for a normal taxpayer Normal Registered Person 20th of the next month GSTR-3B Simple Monthly Return for the period Jul 2017 to March 2018 Normal Registered Person 20th of the next month GSTR-4 Quarterly Return Taxable Person opting for Composition Levy 18th of the month succeeding the quarter GSTR-5 Monthly return for a non-resident taxpayer Non-resident taxpayer 20th of the month succeeding tax period & within 7 days after expiry of registration GSTR-5A Monthly return for a person supplying OIDAR services from a place outside India to a non-taxable online recipient Supplier of OIDAR Services 20th of the next month GSTR-6 Monthly return for an Input Service Distribut
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re rupees in the preceding financial year or the current financial year shall furnish GSTR-1on a quarterly basis. Other Registered persons having aggregate turnover of more than 1.5 Crore rupees shall furnish these returns on a monthly basis. Filing of GSTR-2 and GSTR-3 has been postponed till a further announcement in this regard is made. Calendar for Return filing The due dates for filing various GST returns may vary from the Standard dates mentioned in the table above. Various notifications are issued from time to time in this regard and as per the notifications issued till 29/12/2017. Return Category of Taxpayer Time Period Due Date GSTR-3B All taxpayers to file along with payment of tax Every month till March 2018 20th of the succeeding month GSTR-1 Taxpayers with annual aggregate turnover up to ₹ 1.5 Crore to file on Quarterly basis July-Sep 2017 10th Jan 2018 Oct-Dec 2017 15th Feb 2018 Jan-Mar 2018 30th April 2018 Taxpayers with annual aggregate turnover of more than ͅ
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een done away with. The rectification of errors/omissions is allowed in the return for subsequent month(s). However, no rectification is allowed after furnishing of the return for the month of September following the end of the financial year to which such details pertain, or furnishing of the relevant annual return, whichever is earlier. Interest on Late GST Payment An interest of 18 percent is levied on the late payment of taxes under the GST regime. The interest would be levied for the days for which tax was not paid after the due date. Penalty for non-filing of GST Returns In case a taxpayer does not file his/her return within the due dates, he/she shall have to pay a late fee of ₹ 200/- i.e. ₹ 100/- for CGST and ₹ 100/- for SGST per day (up to a maximum of ₹ 5,000/-) from the due date to the date when the returns are actually filed. Note: In case of GSTR-3B, • For the months July to September, 2017, the late fee payable for failure to furnish the retur
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e details of every inward supply furnished by the taxable person (i.e. the recipient of goods and/or services) in form GSTR-2 shall be matched with the corresponding details of outward supply furnished by the corresponding taxable person (i.e. the supplier of goods and / or services) in his valid return. A return may be considered to be a valid return only when the appropriate GST has been paid in full by the taxable person as shown in such return for a given tax period. 4. In case the details match, then the ITC claimed by the recipient in his valid returns shall be considered as finally accepted and such acceptance shall be communicated to the recipient. Failure to file valid return by the supplier may lead to denial of ITC in the hands of the recipient. 5. In case the ITC claimed by the recipient is in excess of the tax declared by the supplier or where the details of outward supply are not declared by the supplier in his valid returns, the discrepancy shall be communicated to both
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